Sales pick up in Jan + Feb; potential for more deals Tougher operating environment and higher impairment costs driving lower EPS China Equity Strategy：Watching policy stance and reform agenda in upcoming 'Two Sessions' Key takeaways Morning Meeting Daily Tuesday, 23 February 2016 Read-through for consumer space from Parkson Retail FY15 results Shanghai adjusted land supply rules for more small-medium sized units Limited visibility on NT catalysts;cloud and mobile games materialization still a way off FY15 results slightly below on weaker PPOP, special dividend is a positive but not a surprise